京东方Ａ：拟发行不超过20亿元科技创新公司债券 智通财经6月10日电，京东方Ａ(000725.SZ)公告称，公司计划面向专业投资者公开发行2025年科技创新 公司债券（第一期），发行金额不超过20亿元（含20亿元）。 ...

股票简称：京东方 A 股票代码：000725 股票简称：京东方 B 股票代码：200725 京东方科技集团股份有限公司 2025 年面向专业投资者公开发行科技创新公司 债券（第一期）募集说明书 注册金额 100 亿元 本期发行金额 不超过 20 亿元（含 20 亿元） 增信情况 无担保 发行人主体信用等级 AAA 牵头主承销商、簿记管理 人、受托管理人 中信建投证券股份有限公司 联席主承销商 国联民生证券承销保荐有限公司 东兴证券股份有限公司 华泰联合证券有限责任公司 第一创业证券承销保荐有限责任公司 牵头主承销商/簿记管理人/受托管理人 （住所：北京市朝阳区安立路 66 号 4 号楼） 联席主承销商 （住所：中国（上海） 自由贸易试验区浦明路 8 号） （住所：北京市西城区金 融大街 5 号（新盛大厦） 12、15 层） （住所：深圳市前海深 港合作区南山街道桂湾 五路 128 号前海深港基 金小镇 B7 栋 401） （住所：北京市西 城区武定侯街 6 号 卓著中心 10 层） 签署日期： 年 月 日 声明 发行人将及时、公平地履行信息披露义务。 发行人及其全体董事、监事、高级管理人员或履行同等职责的人员 ...

京东方科技集团股份有限公司 主体长期信用评级报告 联 合 资 信 评 估 股 份 有 限 公 司 China Lianhe Credit Rating Co.,Ltd. 专 业 | 尽 责 | 真 诚 | 服 务 www.lhratings.com 1 联合〔2024〕8013 号 联合资信评估股份有限公司通过对京东方科技集团股份有限公 司的信用状况进行综合分析和评估，确定京东方科技集团股份有限 公司主体长期信用等级为 AAA，评级展望为稳定。 特此公告 六、本报告不能取代任何机构或个人的专业判断，联合资信不对任何机 构或个人因使用本报告及评级结果而导致的任何损失负责。 联合资信评估股份有限公司 二〇二四年八月二十二日 信用评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、 ...

京东方科技集团股份有限公司 （住所：北京市朝阳区酒仙桥路 10 号） 2025 年面向专业投资者公开发行科技创新 公司债券（第一期）发行公告 牵头主承销商/簿记管理人/债券受托管理人 （住所：北京市朝阳区安立路 66 号 4 号楼） 联席主承销商 （住所：深圳市前海深港合作区 南山街道桂湾五路 128 号前海深 港基金小镇 B7 栋 401） （住所：北京市西城区武定侯街 6 号卓著中心 10 层） 签署日期： 年 月 日 （住所：中国（上海）自由贸易 试验区浦明路 8 号） （住所：北京市西城区金融大街 5 号（新盛大厦）12、15 层） 3、经联合资信综合评定，发行人主体信用等级为 AAA，评级展望为稳定， 本期债券未进行债项信用评级。 本期债券上市前，截至 2025 年 3 月末，发行人的净资产为 20,730,100.53 万 元（合并报表中所有者权益合计）；发行人最近三个会计年度实现的年均可分配 利润为 513,736.92 万元（2022 年度、2023 年度和 2024 年度经审计的合并报表中 归属于母公司所有者的净利润 754,142.32 万元、254,743.54 万元和 532,324. ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-046 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-046 | 京东方科技集团股份有限公司 2024 年面向专业投资 者公开发行公司债券更名公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 京东方科技集团股份有限公司（以下简称"发行人"）于 2024 年 10 月 8 日披露了《关于向专业投资者公开发行公司债券获得中国证 监会注册批复的公告》（公告编号：2024-052），公司收到中国证券监 督管理委员会出具的《关于同意京东方科技集团股份有限公司向专业 投资者公开发行公司债券注册的批复》（证监许可〔2024〕1330 号）， 同意公司公开发行不超过人民币 100 亿元公司债券的发行申请。 本次债券申报时命名为"京东方科技集团股份有限公司 2024 年 面向专业投资者公开发行公司债券"，由于本次债券发行跨年度，故 将本期债券名称变更为"京东方科技集团股份有限公司 2025 年面向 专业 ...

Core Viewpoint - BOE Technology Group announced the commencement of equipment installation for its Chengdu 8.6-generation AMOLED production line, marking the transition from construction to operational phase [1] Group 1 - The equipment installation began on May 20, indicating a significant milestone for the production line [1] - This transition lays a solid foundation for subsequent product lighting and mass production delivery [1] - The company expects depreciation to peak this year at approximately 38 billion yuan, with new projects and mature production lines gradually reaching the end of their depreciation periods [1]

Core Viewpoint - BOE's Vietnam smart terminal phase II project has commenced mass production ahead of schedule, enhancing its global IoT innovation ecosystem and meeting market demands in Asia-Pacific, EU, and North America [2]. Group 1: Project Overview - The Vietnam phase II project has a total investment of 2.02 billion RMB and is set to produce over 14 million TV and display terminals, more than 50 million electronic paper terminals, and over 5 million automotive terminals annually upon reaching full capacity [2]. - This project is BOE's first overseas self-built smart factory, which aims to streamline the "screen-module-terminal" industrial chain [2]. Group 2: Production and Operations - BOE's automotive display production base in Vietnam has completed its first trial production line, covering the entire process of automotive display module production [3][4]. - A production management and operations team has been established at the automotive display module base, inheriting BOE's experience in factory construction and production management while promoting local employee integration [5].

Group 1: Market Trends and Production Strategies - The company observes that the LCD industry is implementing a "demand-driven production" strategy, adjusting production rates based on market demand changes. In Q1, strong export demand and "trade-in" policies led to high production rates and an overall increase in mainstream LCD TV panel prices. However, in Q2, the international trade environment and policy effects changed, resulting in a cooling of panel procurement demand, prompting companies to quickly adjust production rates [2][3] - As of May, the prices of major LCD products remained stable [4] Group 2: Capital Expenditure and Depreciation - The company anticipates a depreciation of approximately 38 billion in 2024. Currently, all four 8.5-generation production lines in Beijing, Hefei, Chongqing, and Fuzhou have completed their depreciation. The depreciation for OLED production lines is expected to increase in 2024 compared to 2023 due to the completion of the solidification of several production lines [5] - Future capital expenditures will focus on strategic planning, primarily around semiconductor display business and extending into four high-potential areas: IoT innovation, sensing, MLED, and smart medical engineering [6] Group 3: Shareholder Actions and Industry Integration - On June 4, the company announced a voluntary disclosure regarding the repurchase of minority shareholder equity in its subsidiary, Wuhan BOE Optoelectronics Technology Co., Ltd. This action increased the company's equity stake from 47.14% to 58.36%, which is expected to positively impact operational performance [7] - The company maintains an open attitude towards industry consolidation and will consider various factors such as industry layout, market structure, and integration costs when opportunities arise [7]

Core Insights - BOE's second phase of the smart terminal project in Vietnam has commenced mass production and customer delivery ahead of schedule by two and a half months [1] - The total investment for the Vietnam phase two project is 2.02 billion RMB, focusing on the production of televisions, displays, and electronic paper products [1] Company Summary - BOE has established its first overseas self-built smart factory in Vietnam, indicating a strategic expansion into international markets [1] - The early commencement of mass production reflects the company's operational efficiency and commitment to meeting customer demands [1] Industry Summary - The project aligns with the growing demand for smart terminal products, including televisions and displays, in the global market [1] - Investment in overseas manufacturing facilities may enhance competitive advantage and supply chain resilience for companies in the display technology sector [1]

Core Viewpoint - The article highlights the growing interest and investment in electronic paper (E-paper) technology by major display panel manufacturers, indicating a shift in focus from traditional LCD and OLED technologies to E-paper, which is seen as having unique advantages in low power consumption and readability under sunlight [1][24]. Group 1: Investment and Collaboration - In April, major panel manufacturers like AUO and Huike showcased their strategic commitment to the E-paper sector through various investments and collaborations [2]. - AUO's subsidiary, Daqin, signed an investment agreement with E Ink to establish a joint venture with a capital of NT$390 million, aiming to create a large-scale E-paper module production line expected to start production in Q4 2025 [3]. - Huike announced a joint development agreement with E Ink focusing on large-size E-paper, and its new production base in Guizhou has commenced operations with a total investment of RMB 5.5 billion [3][4]. Group 2: Technological Advancements - Huike's E-paper products cover sizes from 1.54 inches to 75 inches and possess full-color display capabilities, indicating significant technological advancements in the sector [4]. - Major players like TCL Huaxing and Samsung are also showcasing their latest E-paper products, reflecting their determination to accelerate their E-paper business [5][6]. Group 3: Market Demand and Applications - The demand for E-paper is expected to grow, with a projected 34.8% year-on-year increase in E-paper module shipments in 2024, driven by stable demand in the e-book market and the rise of electronic shelf labels (ESL) [15]. - ESLs are becoming increasingly popular in retail management, with a projected 39.3% year-on-year increase in shipments in 2024, largely due to projects from major retailers like Walmart [15]. Group 4: Unique Characteristics of E-paper - E-paper technology, characterized by bistability and reflective properties, allows images to remain displayed without power and utilizes ambient light for visibility, offering advantages such as ultra-low power consumption and a paper-like reading experience [10][11]. - Despite its advantages, E-paper has faced challenges in performance compared to traditional displays, but ongoing improvements in technology are expected to enhance its capabilities [14][19]. Group 5: Supply Chain Dynamics - The E-paper supply chain consists of upstream core components, midstream module manufacturing, and downstream device manufacturers, with a high concentration of market share among key players [20][23]. - E Ink dominates the global electronic ink market, while major panel manufacturers like TCL Huaxing and BOE are positioned in the TFT substrate segment, leveraging their existing technologies to enter the E-paper market [23]. Group 6: Future Outlook - The article suggests that with continued technological advancements and cost reductions, E-paper is poised to transition from a niche technology to a mainstream solution across various sectors, including smart retail, education, and transportation [26][27]. - The year 2025 is anticipated to be pivotal for the E-paper industry, marking the beginning of a "golden era" driven by investments from major panel manufacturers [27].